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    Oracle Surprises Wall Street with Record Q1 Revenue

    By
    Chris Preimesberger
    -
    September 16, 2010
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      Oracle may have had some digestive troubles swallowing huge Sun Microsystems earlier in 2010, but Sun’s financial woes certainly aren’t showing in its new owner’s quarterly reports.

      Sun was losing more than $100 million per month in 2009 before the January acquisition.

      No matter. To the surprise of many market observers, Oracle easily exceeded Wall Street expectations in both earnings and revenue in its first-quarter 2010 report to analysts, media and shareholders Sept. 16.

      Oracle reported record first-quarter profits of $1.4 billion (27 cents a share) on total revenue of $7.5 billion, which was up a whopping 48 percent from first-quarter 2009. Non-GAAP (Generally Accepted Accounting Principles) earnings were 42 cents a share. Wall Street had been looking for non-GAAP earnings of 37 cents a share on revenue of $7.3 billion.
      The bottom line: Oracle earned about $200 million more than many analysts figured.

      Key to this good news, CEO and co-founder Larry Ellison said on the conference call, was that Oracle’s hardware and software businesses grew faster than expected.

      New Oracle Co-president Mark Hurd, who joined the company in August after leaving Hewlett-Packard Aug. 6, made his first public statement as an Oracle employee. Hurd said the company will invest more than $4 billion in research and development this year, adding that “our already robust product portfolio is only going to get stronger.”

      He also said, “Next week at Oracle OpenWorld, we will announce two new high-end systems that combine Sun hardware with Oracle software.”

      Hurd was well-known for cutting R&D budgets at NCR and at HP, where he served as CEO for five years.

      Oracle, which following the $7.4 billion Sun deal is a systems vendor on the same tier as IBM, Hewlett-Packard and Dell, calls its data center stack of hardware, software and services its Red Stack.

      Chris Preimesberger
      https://www.eweek.com/author/cpreimesberger/
      Chris J. Preimesberger is Editor Emeritus of eWEEK. In his 16 years and more than 5,000 articles at eWEEK, he distinguished himself in reporting and analysis of the business use of new-gen IT in a variety of sectors, including cloud computing, data center systems, storage, edge systems, security and others. In February 2017 and September 2018, Chris was named among the 250 most influential business journalists in the world (https://richtopia.com/inspirational-people/top-250-business-journalists/) by Richtopia, a UK research firm that used analytics to compile the ranking. He has won several national and regional awards for his work, including a 2011 Folio Award for a profile (https://www.eweek.com/cloud/marc-benioff-trend-seer-and-business-socialist/) of Salesforce founder/CEO Marc Benioff--the only time he has entered the competition. Previously, Chris was a founding editor of both IT Manager's Journal and DevX.com and was managing editor of Software Development magazine. He has been a stringer for the Associated Press since 1983 and resides in Silicon Valley.

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